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correspondent rebecca cooper. >> said thank you for joining us. it has been a difficult week for the global a economy. of the disaster in japan continues to unfold and the economic effects are being felt here. ford motor co. told its dealers a cannot deliver a specific color paint because the pigment is made in japan and the longer available. this is a week where japan plays a big part in boosting our economy thanks to a 1912 gift of friendship. thiss the week we kickoff cherry blossom festival thanks to those 3000 trees delivered from japan. joining us today elliott ferguson ceo of destination c. we are glad to have him here to discuss the festival and the importance of tourism. we know about the people come to town because we see all the traffic but how many are expecting in town? >> thank you for having me here today, rebecca. we are expecting over 1 million people to come to whington, d.c. in the 2011, similar to what we had last year. for us, it is the beginning of the spring tourism season and it launches the entire mentum of tourism for the city for the rest of the year. >> there wa
nber but what is behind the number that says more says my next guest. mohamed el-erian is with us. he is ceo and chief investment officer of pimco. mohamed, great to see you. >> thank you, maria. >> we saw 192,000 new jobs created in the month. the unemployment rate dropping to 8.9%. but you say there is more that we need to look at in order to really get a true picture of the economy. what do you mean? >> the good news as you say that we've created jobs in a broad-based manner. so that's the good news. the bad news is when you look behind the numbers, there are increasingly structural assets. so for example, teen unemployment, which is really important. because if you're unemployed early on in your career, you become unemployable. that is 24%. the average duration of unemployment has gone up to 37 weeks. which means that the longer you're unemployed, thee quicker your skill erosion. and finally, labor participation. how many people are actually in the labor force has come down. so the good news is that we're creating jobs. the bad news iss that we need t do even more to really put a
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